Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

Home Insurance Rates to Rise 6% in 2024 After 20% Increase in Last 2 Years

Insurify: “Home insurance rates are rising, influenced by climate catastrophes and inflation, leaving homeowners uncertain about future expenses. The average annual rate increased by 19.8% between 2021 and 2023, from $1,984 to $2,377.  Insurify projects a 6% increase in 2024, placing rates at $2,522 by the end of the year. Early weather forecasts predict a devastating hurricane season, which would cause further rate increases in 2025.To identify the states most affected by rising rates, Insurify’s data science team analyzed homeowners insurance costs in every state and projected rate increases based on historical pricing and local factors. An Insurify survey of American homeowners reveals how rising insurance costs affected their finances and attitudes toward homeownership. With costs projected to rise an additional 6% in 2024, experts weigh in on the best ways to navigate rate hikes…”

Sorry, comments are closed for this post.